DALLAS — Drever Capital Management LLC has sold Honey Creek, a 656-unit apartment complex in north Dallas, following a $3.7 million, seven-year redesign that raised occupancy from 80 to 94 percent. The sales price was not disclosed. B.H. Management acquired the three-story complex, which is located at 11611 Ferguson Road just off Interstate 635. A team of brokers from ARA Inc.’s Dallas office included Brian O’Boyle Sr., Brian Murphy, Brian O’Boyle Jr. and Jakob Andersen.
Multifamily
MIDLAND, TEXAS — NorthMarq Capital’s Denver office has arranged the $16.3 million refinancing of Trinity Place Apartments, a 216-unit multifamily complex in Midland. The loan has a 10-year term and a 30-year amortization schedule. NorthMarq arranged financing for the borrower, a division of Weidner Investment Services Inc., a Seattle-based privately held owner of several multifamily properties, through its relationship with Freddie Mac. Ben Kation and Kevin Colard of Weidner Investment Services worked on the transaction. Built in 1982, the complex includes amenities such as a clubhouse, business and fitness center, outdoor pool and laundry facilities.
PASADENA, CALIF. – A private investor has purchased the Old Pasadena Collection, a mixed-use portfolio that contains two residential buildings and two retail buildings, for $42.6 million. The two residential buildings contain a total of 91 units at 22 West Green Street and 65 West Dayton Street. The two freestanding retail buildings are located at 60 and 70 West Green Street. All four of the properties are situated in the historic district of Old Town Pasadena. The 48-unit Palermo apartment community was built in 2003. It includes four ground-floor retail suites occupied by a paint-your-own-pottery store, a restaurant and a dance company. The 43-unit Messina apartment community was built in 2004. It has one ground-floor retail suite currently occupied by a tutoring and college-test-preparation business. This space also serves as the leasing office for both the Messina and Palermo. The former Green Street retail space is occupied by Design Within Reach, while the latter property is home to Gyu-Kaku, a Japanese barbecue restaurant. Both buildings were constructed with reinforced brick masonry in 1916 and 1921, respectively. Each contains 5,750 square feet of leasable space. The seller, a private party, was represented by Ron Harris, Paul Darrow and Michael DiSimone of …
ORMOND BEACH, FLA. — Institutional Property Advisors (IPA) has arranged the $25.3 million sale of Crowne at Ormond Beach, a 272-unit apartment community at 600 Crowne Commerce Court in Ormond Beach, roughly six miles north of Daytona Beach. The property was built in 2003 and features amenities such as a resort-style swimming pool and sundeck; clubhouse with a business center and fitness center; nature trails; laundry facilities; and private garages. Still Hunter III of IPA and Michael Donaldson of Marcus & Millichap represented the seller, Crowne Ormond Beach Associates, in the transaction. The buyer is Waypoint Residential. IPA is a division of Marcus & Millichap serving institutional and major private real estate investors in multifamily transactions.
WHITE MARSH, MD. — Baltimore-based Continental Realty Corp. has purchased two apartment communities in the White Marsh section of Baltimore County for a combined $58.3 million. On behalf of CRC Fund III LP, Continental Realty purchased Lincoln Woods and Quail Ridge from Henderson Global/TIAA-CREF for $29.15 million each. Lincoln Woods was constructed in 1986 and features an outdoor pool, resident clubhouse/leasing office and a dog park. Quail Ridge was built in 1987 and includes an outdoor pool, clubhouse/leasing office and a children’s playground.
COLUMBIA, S.C. — Pierce Education Properties (PEP) has purchased Pointe West, an off-campus student housing community that serves University of South Carolina (USC) students, for $16.4 million. Pointe West is a 480-bed, 144-unit community west of the USC campus. The fully furnished community features two- and four-bedroom units, modern appliances, leather furniture, private balconies/patios, as well as a private washer and dryer in each unit. Property amenities include a resort-style pool surrounded by a large sundeck and hot tub, fitness center, internet café with coffee bar, sand volleyball court, basketball court, on-site hiking trails linking to regional riverfront pathways and picnic-style areas equipped with grills. PEP plans to invest another $300 million in other acquisitions in the student housing sector over the next 24 months. KeyBank provided $8.5 million in acquisition financing for the transaction.
NEW YORK CITY — TerraCRG has brokered the sale of a development site at 96-98 Degraw St. in Brooklyn’s Columbia Waterfront District. Located between Van Brunt and Columbia streets, the two-lot property sold for $2.1 million or $326 per buildable square foot. The property, which offers views of the Statue of Liberty and lower Manhattan, was delivered with BSA approval for 6,438 square feet of residential townhouse development. Ofer Cohen, Melissa DiBella, Dan Marks, Peter Matheos, Michael Hernandez and Joseph Terzi of TerraCRG arranged the transaction.
FORT WORTH — Marcus & Millichap has arranged the sale of Sun Ridge Apartments, a 99-unit apartment complex in Forth Worth. John Barker, vice president of investments, and Alexander Skotarek, an associate in Marcus & Millichap’s Forth Worth office, marketed the property on behalf of the seller, a private investor. The buyer, a limited liability company, was also secured by Barker and Skotarek. Sun Ridge Apartments is located at 6608 South Freeway in Forth Worth. The complex has 99,345 square feet of total rentable space with an average unit size of 1,003 square feet. It was built in 1967 and has 34 one-bedroom, 55 two-bedroom and 10 three-bedroom units. On-site amenities include a swimming pool, laundry facilities and grade-level parking.
STEPHENVILLE, TEXAS — Construction is scheduled to start this month on the second phase of a new development at Tarleton State University, a unit of the Texas A&M University System. Balfour Beatty Construction will build a new, 502-bed student housing complex and renovate an existing 80-bed facility for the school’s Stephenville campus. The company also helped the university buy two pieces of land next to the campus. The new facility will consist of a single four-story building with two- and four-bedroom units. The project will be owned by an affiliate of Collegiate Housing Foundation, a national 501(c)(3) non-profit organization.
STAFFORD, TEXAS — HFF has secured refinancing for Shadowbrooke and Silverbrooke, two apartment complexes totaling 552 units in Stafford. HFF worked on behalf of the borrower, Venterra Realty, to arrange the refinancing in two separate transactions. The company negotiated five-year, fixed-rate loans at 3.1 percent with two years of interest-only payments through Freddie Mac’s CME program. HFF brokered the sale of the properties and arranged acquisition financing for Venterra when the company first bought the assets in 2011. Shadowbrooke and Silverbrooke are located at 1025 Dulles Avenue and 1020 Brand Lane in Stafford, about 18 miles southwest of downtown Houston. Shadowbrooke has 240 units and is 95.8 percent leased. Silverbrooke has 312 units and is 96.2 percent leased.